GENERAL ANNOUNCEMENT::DEL MONTE FOODS, INC RAISES NEW FINANCING OF US$1.3BN, THEREBY RECAPITALISING ITS BALANCE SHEET

Issuer & Securities

Issuer/ Manager DEL MONTE PACIFIC LIMITED

Securities DEL MONTE PACIFIC LIMITED - VGG270541169 - D03

Stapled Security No

Announcement Details

Announcement Title General Announcement

Date &Time of Broadcast 16-May-2020 11:58:28

Status New

Announcement Sub Title Del Monte Foods, Inc Raises New Financing of US$1.3bn, Thereby Recapitalising its Balance Sheet

Announcement Reference SG200516OTHRU2KO

Submitted By (Co./ Ind. Name) Antonio E S Ungson

Designation Company Secretary

Description (Please provide a detailed description of the event in the box below) Please see attached.

Attachments

DMPL%20-%20DMFI%20Renancing_Final.pdf

Total size =60K MB

DEL MONTE PACIFIC LIMITED (Incorporated in the British Virgin Islands)

Del Monte Pacific’s U.S. subsidiary, Del Monte Foods, Inc (DMFI), raises new financing of US$1.3bn, thereby recapitalising its balance sheet

• New US$1.3bn financing consists of a US$500m five-year bond issue, a new three-year ABL of US$450m, and equity of US$378m from DMPL • Bond investors respond positively to bond issuance given DMFI’s accelerated path to topline growth and lower cost structure • DMFI reduces total loan facilities from US$1.4bn to US$950m • Significantly strengthens its balance sheet with recapitalisation

Singapore/Manila, 16 May 2020 – Singapore Exchange Securities Trading Limited Mainboard and Philippine Stock Exchange, Inc dual listed Del Monte Pacific Limited (“DMPL” or the “Group”; Bloomberg: DELM SP, DELM PM) announced the completion of the recapitalisation of the Group’s U.S. subsidiary, Del Monte Foods, Inc (“DMFI”).

DMFI raised new financing of US$1.3 billion consisting of a US$500 million five-year bond issue, a new three-year ABL of US$450 million, and equity of US$378 million from DMPL, thereby recapitalising DMFI’s balance sheet.

DMFI issued US$500 million aggregate principal amount of 11.875% senior secured notes due 2025, with original issue discount equal to 3% of the principal amount (the "Notes"). The Notes were offered to qualified institutional buyers within the pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and in offshore transactions to non-U.S. persons pursuant to Regulation S under the Securities Act.

DMFI also entered into a new US$450 million asset-based loan facility due 2023 (the “ABL Facility”). Simultaneous with the Notes and the ABL Facility, DMPL invested US$150 million in new equity in Del Monte Foods Holdings Limited, the holding company of DMFI, and converted US$228 million of Second Lien Repurchase Loans into common equity in DMFI (the “DMPL Investment”).

“This transaction is an important milestone for DMFI and the DMPL Group,” said Joselito D Campos, Jr, DMPL Managing Director and CEO. “In this new market environment, Del Monte has seen significantly increased demand for its healthy, shelf-stable products across all product lines. Today’s recapitalisation and de-levering position the company to take full advantage of these new market opportunities.” DMFI is a leading producer, distributor, and marketer of premium quality, branded, plant-based food products for long shelf-life categories, primarily in the United States.

“We are tremendously gratified to see such enthusiasm for the Del Monte story among investors,” said Greg Longstreet, President and CEO of DMFI. “We appreciate this recognition of the Company’s recent performance, the success of our asset-light cost management initiatives, and our plans for growth and profitability going forward.”

The Notes, the ABL Facility, and the DMPL Investment were used by DMFI to refinance its existing DMFI loan facilities of approximately US$1.1 billion, comprised of: US$442.5 million (Asset-Based Loan facility), US$666 million (First Lien Term Loan) and US$23 million (Second Lien Term Loan), which were scheduled to mature in November 2020, February 2021, and August 2021, respectively. DMPL had previously purchased US$237 million aggregate principal amount of DMFI’s Second Lien Term Loans.

The Notes may not be offered or sold in the United States or to any U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction. This communication does not constitute an offer to sell, or solicitation of an offer to buy, any securities in any jurisdiction in contravention of applicable law.

About Del Monte Pacific Limited (www.delmontepacific.com)

Dual listed on the Mainboards of the Singapore Exchange Securities Trading Limited and the Philippine Stock Exchange, Inc., Del Monte Pacific Limited (Bloomberg: DELM SP/ DELM PM), together with its subsidiaries (the “Group”), is a global branded food and beverage company that caters to today’s consumer needs for premium quality healthy products. The Group innovates, produces, markets and distributes its products worldwide. The Group is proud of its heritage brands - Del Monte, S&W, Contadina and College Inn – the majority of which originated in the USA more than 100 years ago as premium quality packaged food products. The Group has exclusive rights to use the Del Monte trademarks for packaged products in the United States, , the , the Indian subcontinent and Myanmar, while for S&W , it owns the trademarks globally except in Australia and New Zealand. The Group owns the Contadina and College Inn trademarks in various countries.

DMPL’s USA subsidiary, Del Monte Foods, Inc. (DMFI) (www.delmontefoods.com), owns other trademarks such as Fruit Naturals, Orchard Select, SunFresh and Fruit Refreshers, while DMPL’s Philippines subsidiary, Del Monte Philippines, Inc. (www.delmontephil.com), has the trademark rights to Del Monte , Today’s , Fiesta , 202 , Fit ‘n Right , Heart Smart, Bone Smart and Quick ‘n Easy in the Philippines. The Group sells packaged fruits, vegetable and tomato, sauces, condiments, pasta, broth, stock, and juices, under various brands, and also sells fresh under the S&W brand.

The Group owns approximately 95% of a holding company that owns 50% of FieldFresh Foods Private Limited in India ( www.fieldfreshfoods.in ). FieldFresh markets Del Monte -branded packaged products in the domestic market and FieldFresh -branded fresh produce. The Group's partner in FieldFresh India is the well-respected Bharti Enterprises, which is one of the largest conglomerates in India.

DMPL’s USA subsidiary DMFI operates six plants in the USA and two in , while its Philippines subsidiary operates the world's largest fully-integrated operation with its 26,000-hectare pineapple plantation in the Philippines and a factory that is about an hour’s drive away. It also operates a frozen fruit processing facility and a beverage bottling plant in the Philippines.